CBA, Austrade faciliate tech firms entering Hong Kong
(20 July 2017 – Asia) An agreement between the Australian Trade and Investment Commission (Austrade) and Hong Kong will see business from both countries support and gain access into each other’s markets.
The agreement will see Austrade and the Commonwealth Bank of Australia (CBA) work together to help Australian tech companies expand into Asia as well as provide a platform for Asian businesses to explore opportunities in Australia, according to CBA head of Hong Kong Innovation Lab Liam Gillian.
"Through our partnership with Austrade, our focus is on helping tech companies across fintech, health tech, edutech, and agtech," Gillian said.
"Our support for tech companies across these sectors will short-circuit the time it takes them to enter the ecosystem here in Hong Kong as well as across Asia and Australia."
Gillian said the agreement would provide support and opportunities for companies to "engage with incumbents, learn from other startups, as well as meet with VCs that are active and interested in the space".
Consul-general Michaela Browning said, “This agreement provides Hong Kong businesses the opportunity to access the latest technologies in the Commonwealth Bank’s Innovation Lab and to engage themselves in the Australia market, while Australian companies can tap into Hong Kong’s fast growing start-up ecosystem and access international funding and partnerships.”
The agreement will incorporate “introductions for companies” to move into either market; trade missions; “connection to a talent pool of experts”; providing use of space in CBA’s Hong Kong Innovation Lab; and mentoring and coaching for Australian and Hong Kong businesses.
CBA Hong Kong managing director Maaike Steinebach added, “With China having one of the highest fintech adoption rates in the world and Hong Kong a long tradition of entrepreneurship, it provides a good opportunity for Australian businesses looking at entering the Asian region.”
The agreement between Austrade and Hong Kong followed a fintech agreement between the Australian Security and Investment Commission and Hong Kong.
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